Steps SMEs can take for long-term business success

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Steps SMEs can take for long-term business success

GlobalLinker Staff

16 Nov 2020, 10:00 — 5 min read

It takes vision, courage and belief to steer your business to success. However, building a thriving business requires consistent effort—it is a marathon, not a sprint. Here are some suggestions to plan for long-term business success.

 

1. Have a clear vision

Every business owner must have a clear vision for the enterprise. Vision gives you a vivid picture of what you want to accomplish and makes you see the end from the beginning. This picture gives you clarity and motivates you through the ups and downs of your business journey. By having a distinct vision for your business, objectives and goals emerge.

 

Also read: Do you have a powerful vision for yourself?

 

2. Be financially sound

Running a small business requires a strong financial backbone, prudence, and effective utilisation of resources. One way you can do this is to explore all financial options available to you. These include bootstrapping your business, or turning to family, friends, business associates, investors, banks, etc. Banks today have been known to offer small business owners loans for building a business. There are also several government schemes to assist MSMEs and one must be thoroughly aware of these.

 

3. Attract the right talent and build a strong team

Attracting and retaining the right talent is one of the most important things you can do with your business. By focusing on each team member, you can create more cohesive workplace cultures that fosters growth and innovation. Moreover, technology has enhanced connectivity, thereby making it easier for teams to collaborate efficiently.

 

Also read: How to hire the right person for your team

 

4. Harness the potential of technology

Small businesses must leverage technology smartly to grow their business. From having a rich website to digitisation of business via ERP, CRM, HRMS and similar systems is the need of the hour. SMEs must also harness data to come up with actionable business insights. Moreover, SMEs can also explore cloud technology to save costs and enhance productivity.

 

Also read: Technology and business trends in 2020

 

5. Focus on customer service

According to a study, 51% of customers will not repeat business with a company after a bad experience. Given that it is easier to sell to loyal customers than convert a new one, good customer service is vital. Examine your current customer service strategy and ensure that your business is providing service superior to that of your competitors. You may need to invest in staff training, revamp your return policy, or make basic improvements such as responding promptly to queries from customers.

 

6. Build your online presence

Creating a professional-looking website is an absolute must these days. With the internet being the go-to for information, a website with all your updated business details is vital. Moreover, since increasingly customers are shopping online, having an eCommerce website is important. An eCommerce website is the means for small and medium businesses to benefit from the same opportunities to market their products that large businesses enjoy. An online store allows a business owner to transcend the boundaries of geography and time and boost sales

 

Also read: A step-by step-guide to creating your own eStore with GlobalLinker

 

7. Be part of a global network for SMEs

While the growth potential for SMEs is enormous, a vast majority of these businesses face complex and often insurmountable challenges: a lack of business connections, limited awareness of tools and best practices, limited personnel, lack of timely information, and poor economies of scale.

 

What is then needed is a definitive digital platform that brings together SMEs to address common business challenges and explore opportunities. GlobalLinker is such a platform that enables SMEs and startups to ‘go global’, leverage their collective power and achieve economies of scale, provide them with a voice to express their challenges and allow them to engage more seamlessly with corporations looking to work with them. GlobalLinker allows SMEs to connect with a large and growing community of businesses - find clients, suppliers, vendors and potential partners globally.


Share with us your insights for SMEs to achieve long-term success.

 

Also read: Importance of business growth through ‘networking’

 

Image source: shutterstock.com

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GlobalLinker Staff

We are a team of experienced industry professionals committed to sharing our knowledge and skills with small & medium enterprises.

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